Settlement risk lives between two networks. On @FT's The Next Five, @YuvalRooz discusses how programmable transactions execute only when both legs meet their conditions, removing the mismatches between payments and securities on separate systems.

Builders keep building the same way. Start on the Global Synchronizer, move to a dedicated one when SLAs or throughput call for it, and reach a deeper pool of TradFi assets. @Neperien and @ShaulKfir discuss what CIP-0129 means for app developer teams.

This past weekend, Yuval Rooz laid out what Canton's next steps look like. It starts with stocks moving onchain, and each step builds on the last. 1. Real equities are coming onchain three ways. TSV trades under the SEC's Innovation Exemption. Transfer agents bring issuer-led tokenization. DTCC needs no issuer consent and is cleared for the top 1,000 U.S. equities. 2. Once stocks trade onchain, market structure decides who pays. Yuval's upcoming paper, "Front running is not payment for order flow," puts the cost of MEV and sandwich attacks above $1B. Canton has no public mempool to front-run. 3. Corporates follow, one treasurer at a time. Uber's treasury move on Canton started with one team seeing better economics. 4. From there, the asset list widens. In his words, next up is multiple players joining repo this year, uncleared derivatives and more private assets.